On the record
But inconvertible paper, even when made a tender, has no actual value, and circulates only because Government commands its circulation.
Source
gutenberg.orgEditor's note · Context
Sumner argues that inconvertible paper lacks actual value and relies on government enforcement for circulation.
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Their existence is a disgrace to civilization; for it implies the common consent of nations to the Arbitrament of War, as regulated by these laws.
Controlled by such a code, employing such representatives, sustained by such agencies, animated by such Furies, and producing such fruits of tears and bitterness, it must be open to question.
Nor should we be too impatient to witness the fulfilment of our aspirations.
Out of this pernicious prejudice have proceeded that persecution and neglect which are the too frequent lot of the world's pioneers.
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